8.20 Spot Gold Morning Analysis
Overnight, gold prices saw a strong surge, rising to a peak of 4527 before pulling back slightly. Currently, prices are trading around 4507. The long-term cycle bull market has restarted, with buyers in control. However, after a series of rapid advances in the short term, indicators have already entered overbought territory—so be cautious about a pullback and correction. Overall, the big-picture trend remains bullish. Don’t chase at higher levels; wait for a pullback to support zones before planning trades in line with the trend.
From the 4-hour chart, the short-term moving averages (5/10/20-day) are moving upward in sync with upward divergence. Gold has held above all moving averages, which provide strong support, and the bullish structure remains intact.
The Bollinger Bands are expanding upward. The current price is running close to the upper band, indicating that the larger bullish upside space has opened. The upper band may create short-term resistance, while the Bollinger midline is the key strong support.
MACD remains above the zero line and is moving upward. The red histogram bars continue to expand, and bullish momentum keeps building and releasing.
Trading reference:
On a pullback to 4480–4490 and stabilization, consider going long, targeting 4520 and 4535.
If price rebounds to 4525–4535 and faces resistance, it may be a good area to consider shorting, targeting 4500 and 4480.#XAUUSD
Overnight, gold prices saw a strong surge, rising to a peak of 4527 before pulling back slightly. Currently, prices are trading around 4507. The long-term cycle bull market has restarted, with buyers in control. However, after a series of rapid advances in the short term, indicators have already entered overbought territory—so be cautious about a pullback and correction. Overall, the big-picture trend remains bullish. Don’t chase at higher levels; wait for a pullback to support zones before planning trades in line with the trend.
From the 4-hour chart, the short-term moving averages (5/10/20-day) are moving upward in sync with upward divergence. Gold has held above all moving averages, which provide strong support, and the bullish structure remains intact.
The Bollinger Bands are expanding upward. The current price is running close to the upper band, indicating that the larger bullish upside space has opened. The upper band may create short-term resistance, while the Bollinger midline is the key strong support.
MACD remains above the zero line and is moving upward. The red histogram bars continue to expand, and bullish momentum keeps building and releasing.
Trading reference:
On a pullback to 4480–4490 and stabilization, consider going long, targeting 4520 and 4535.
If price rebounds to 4525–4535 and faces resistance, it may be a good area to consider shorting, targeting 4500 and 4480.#XAUUSD